LONDON, 11 December. The cost of futures for oil of mark Brent with delivery in January 2016 on the stock exchange ICE in London fell 2.06 per cent to $38,92 per barrel climbing above $39 per barrel for the first time since December 2008.
Brent prices have accelerated the fall after the OPEC meeting on December 4.
Siluanov: the period of low oil prices will not last for long
According to the results of 168-th meeting in Vienna Ministers of oil of the OPEC has not taken a clear decision on production quotas because of the position of countries that are not members of the organization.
Currently the volume of oil production by OPEC members is estimated to be 31-32 million barrels./day. The previous quota was 30 million barrels./day.
The ruble depreciates against the background of falling oil prices. So, the dollar climbed to 69,96 rubles, which is 81 kopecks above the closing level yesterday. Restrain the ruble from the fall accelerated the decision of the CBR to keep key rate at 11% per annum.
In this case the source of inflation risks, the CBR refers to the deterioration of external economic conditions against the background of a trend reduction in oil prices and slowdown of the PRC economy.
Why falling oil
The reason for another decline in oil prices has been the lack of a coherent OPEC’s decision on quotas following the meeting on 4 December and the persistence of rhetoric, pointing to the desire of OPEC to maintain its market share.
According to the results of 168-th meeting in Vienna on 4 December, the Ministers of oil of the OPEC has not taken a clear decision on production quotas because of the position of countries that are not members of the organization.
Currently the volume of oil production by OPEC members is estimated to be 31-32 million barrels/day. The previous quota was 30 million barrels/day. As was stated by the oil Minister of Iraq Adel Abdel Mahdi, a decision on the quotas was not adopted because of the position of countries outside the cartel.
In his opinion, to stabilize oil prices, all countries should set limits on production. Due to the lack of such restrictions, world oil prices fell to their current levels, stated the Minister of oil of Iraq.
Prices for Brent crude and the dollar
Prices for Brent crude and the dollar. Infographics